Ahead of G20, U.N. chief warns 'developing world on precipice of financial ruin'

Ahead of G20, U.N. chief warns
# 21 November 2020 01:49 (UTC +04:00)

U.N. Secretary-General Antonio Guterres warned on Friday that “the developing world is on the precipice of financial ruin and escalating poverty, hunger and untold suffering” as the world struggles to combat the coronavirus pandemic, APA reports quoting Reuters.

His message came ahead of a meeting of the leaders of the Group of 20 rich nations and big emerging powers this weekend.

“We cannot let the COVID pandemic lead to a debt pandemic,” Guterres told reporters.

He has been pushing the G20 to further extend and expand debt service suspension to help developing and middle-income economies recover from the pandemic and for the allocation of Special Drawing Rights (SDR) and a voluntary reallocation of existing Special Drawing Rights.